KYC Documents: Everything You Need to Know

Unless you want your bank to shut down or close your account, you NEED to submit your Know Your Customer -KYC documents. Here is a brief introduction to what KYC is and why you need to update these documents with your bank.

What is KYC:

Know Your Customer (KYC) is a mandatory RBI process that was incorporated by the banks to prevent any kind of financial fraud. This helps banks get to know their customers better and help manage risks and protect them from financial crimes like money laundering, identity theft and terrorist financing.

What are KYC Documents:

KYC documents are used to verify an individual or company’s financial authenticity. If you are an Individual, you would need to submit:

An ID proof

An Address proof

Your respective bank has a list of documents for each of the above. You can submit any one of the following documents for ID proof:

You would need to submit documents as per the type of company you are along with your individual KYC documents. You can take a look at the list of documents according to company type, here.

Update KYC to Remove Limits on Instamojo

If you are a merchant on Instamojo and want to remove the upper limit of Rs. 10,000 on your monthly transactions, all you need to do is submit your KYC documents on your dashboard.

To remove limits on Instamojo, all you have to do is submit:

A photo of your PAN card

A Bank document that can be any of the following: A recent Bank Statement or the front page of your chequebook / passbook. Please note that the your address and the account number should be clearly visible.

You can do it in just a few clicks. Watch this tutorial to see how you can update your KYC on Instamojo:

9 comments

I have a side business in a different name, with a website in which I want to incorporate instamojo. However its a small personal business not yet registered, and bank account and PAN card are in my name not the business. Personal bank account’s kyc is already done with the bank. Will I be able to remove the 10,000 limit? So I need to submit some documents to instamojo?

1. Yes. you will need to submit documents for individuals to your bank. You can just walk in to your bank and they’ll help you out. Axis Bank has e-KYC, which means you can update your KYC online but it’s a slighly more technical process.

2. While signing up and updating your KYC, make sure your PAN number and Name and account number of the bank statement are all valid. We just want to make sure your money is safe and no one is trying to make money at your expense. Our support/compliance team will get in touch with you for everything else.

Have more questions? Please feel free to drop an email to support@instamojo.com. Hope this helped! Keep reading!

1. What about documents requirement for Freelancers eg: graphic artists, or photographers? so do I provide indiv docs? 2. I do have a virtual brand (no registration,et), called “Sarah Sever’s Photography”….does that let me use my virtual company’s name or should I go by name, when i register with InstaMojo and what documents would you ak of me? I do not have any banking account in this name either! Thanks!